Synchrony Bank Increases Savings Rates
Synchrony Bank, the online bank formerly owned by General Electric, has increased their savings account rates. Synchrony Bank savings rates have five tiers based on the account dollar balance. The good news is if you don't have much money to deposit, you will still earn the same rate as accounts with higher deposits.
Savings account rates at Synchrony Bank were increased 1o basis points from 1.54 percent to 1.64 percent, the APY was increased from 1.55 percent to 1.65 percent. This savings rate and yield is more than double the average savings rate reported by Monitorbankrates.com.
The current savings rate offered by Synchrony Ban is more than twenty times the FDIC's weekly national rate currently at 0.07 percent.
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